USA – Archer Daniels Midland Company (ADM) and Cargill have announced that they have finalized the formation of Grainbridge, LLC, a joint venture focused on developing digital tools in grain trading.
Grainbridge will work to help North American farmers consolidate information on production economics and grain marketing activities into a single digital platform, in order to increase their productivity.
The technology-focused JV, whose financial terms remain undisclosed will begin developing a suite of digital solutions, including tools that provide grain marketing decision support, e-commerce and account management software.
Formation of the JV was announced in October 2018 with a goal to help farmers in the US and Canada consolidate information on production economics and grain marketing activities into a single digital platform.
In addition to providing them with on-time grain solutions, the platform will offer real time opportunities including access to combined ADM and Cargill transactions such as contracts, scale tickets and payment information.
“We’re thrilled to launch Grainbridge and begin the roll out of our technological solutions for farmers this summer,” said Mark Frank, CEO, Grainbridge.
“Since we announced this venture last fall, we’ve been talking to farmers across the country, and it’s clear that the people who grow our food are themselves hungry for technological solutions to help increase their efficiency and profitability.”
Grainbridge will be headquartered in in Omaha, Nebraska in the United States and will be open to other grain companies, grain buyers, technology and data providers.
The companies state that the platform will enhance the information available to farmers, giving them a complete, seamless 360-degree view of their business without having to consolidate these information sources on their own.
The agreement combines Cargill and ADM’s unique technology capabilities, grain handling operations and years of farm consulting experience.
It follows the partnership formed in October 2018 by ADM, Bunge, Cargill and Louis Dreyfus to enhance transparency and efficiency in global grain trading using blockchain technology.
Cargill and ADM also completed their joint venture in Egypt called SoyVenTM to provide soybean meal and oil for customers in the country.